Binance Tax Evasion Case Adjourned as Nigerian Government Pursues Legal Action

The Federal High Court in Abuja has adjourned the tax evasion case against Binance Holdings Limited, a popular cryptocurrency exchange platform, until Friday, April 19, 2024.

The Nigerian Government, through the Federal Inland Revenue Service (FIRS), had initiated the legal action against Binance and its officials, Tigran Gambaryan and Nadeem Anjarwalla, for alleged tax evasion.

The FIRS accused Binance of failing to register with the service for the purpose of paying all relevant taxes and not issuing invoices to subscribers for determining and paying its Value Added Taxes (VATs) while offering taxable services on its trading platform.

The case was adjourned due to the inability of the FIRS to serve Gambaryan, who is currently in the custody of the Economic and Financial Crimes Commission (EFCC), with the charges.

In a related development, the EFCC is also pursuing an alleged money laundering case against the firm.

This legal battle highlights the increasing scrutiny and regulatory pressure faced by cryptocurrency exchanges as governments worldwide grapple with the challenges posed by digital currencies and their potential use in illicit activities.

The outcome of this case will be closely watched by the global cryptocurrency community, as it could have far-reaching implications for the future of digital currencies and their role in the financial landscape.